A bill to amend the Fishermen's Protective Act of 1967 to establish a program for compensating United States fishermen for damage to, or destruction of, fishing vessels and fishing gear.

Amends the Fishermen's Protective Act of 1967 to establish in the Treasury the Fishing Vessel and Gear Damage Compensation Fund for the purpose of awarding monetary compensation to owners of United States fishing vessels for damage to, or destruction of such vessels, or fishing gear used with such vessels.

Sets forth the criteria which must be met by vessel owners in order to qualify for such compensation. Establishes a procedure whereby the amount of such compensation shall be calculated.

Directs the Secretary of Commerce to establish contributions to be paid annually to the Secretary by any vessel owner as a condition of eligibility for compensation from the Fund.